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War Eagle Receives Cash From Sale of Tres Marias Project, Mexico

VANCOUVER, BC–(Marketwired – March 03, 2015) – War Eagle Mining Company Inc. (TSX VENTURE: WAR) (“War Eagle” or the “Company”) is pleased to report that it has received a further US$300,000 (approximately Cdn$375,000) installment of the proceeds of the sale in 2014 of the Tres Marias zinc-lead-germanium project in Chihuahua, Mexico to Contratista y Operaciones Mineras SA de CV (“Comsa”), a private Mexican mining company. Total consideration for the sale was US$5,000,000 cash which is to be satisfied by (i) loan repayments totaling US$400,000 cash (now received) plus (ii) the balance in fixed periodic loan repayments totaling $2,100,000 to be received over a period to July 2016, the next such repayment to be US$600,000 in July 2015, (iii) an additional US$400,000 if sales of product are US$20 million or more, (iv) a further US$400,000 if sales of product are US$25 million or more and (v) a 2% net smelter return royalty to a maximum of a further US$2,500,000. Accordingly, total consideration could be as much as US$5,800,000.

Comsa has numerous permits in place to facilitate mine development and has significantly advanced the final permit application to enable commercial production.

This news release was prepared by management of War Eagle, which takes full responsibility for its contents. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FinanceInvestment & Company InformationWar Eagle Contact:

For additional information please contact:

War Eagle Mining Company Inc.

Thomas R. Atkins
President and CEO
416-509-4326

Malcolm P. Burke
Director
604-689-1515 x 308

Email: info@wareaglemining.com
Website: www.wareaglemining.com

[…]

Orvana Receives $7.5 Million Additional Cash Payment for Copperwood – Outstanding Short Term Loan Facility Not to be …

TSX:ORV

Dollar amounts are in U.S. dollars unless stated otherwise.

Cash position now $15.9 million Total Debt Position $5.4 million

TORONTO , Dec. 16, 2014 /CNW/– Orvana Minerals Corp. (ORV.TO) (the “Company” or “Orvana”), announced today that it has received the additional $7.5 million cash payment, which includes interest of $0.5 million , from Highland Copper Company Inc. (“Highland”) relating to the sale of the Copperwood Project (“Copperwood”) located in Michigan, U.S.A.

The base purchase price for Copperwood was $20 million . On closing of the sale to Highland on June 17, 2014 , Orvana received a cash payment of $13.0 million and a secured promissory note in the amount of $7.0 million plus interest fully repayable no later than December 15, 2014 .

As previously disclosed, an additional consideration of up to $5.0 million may be paid by Highland in cash or shares of Highland, at Orvana’s option, with $2.5 million payable no later than the fourth anniversary of the closing and $2.5 million payable following commercial production if the copper price reaches certain thresholds.

Furthermore, Orvana announced today that the availability period for its $6.5 million short-term loan facility from Fabulosa Mines Limited ended on December 15 , 2014. The Company has not renewed the facility and has started the process to release the associated security.

With the final base purchase price payment from the Copperwood sale received, Orvana’s current cash position is $15.9 million and its total debt stands at an estimated $5.4 million . The outstanding loans represent various short-term facilities associated with the Don Mario Mine in Bolivia .

About Orvana

Orvana Minerals is a multi-mine gold and copper producer. Orvana’s operating assets consist of the producing EVBC gold-copper mines in northern Spain and the producing gold-copper-silver Don Mario Mine in Bolivia . Additional information is available at Orvana’s website (www.orvana.com).

Forward Looking Disclaimer

Certain statements in this press release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as “believes”, “expects” “plans”, “estimates” or “intends” or stating that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “are projected to” be taken or achieved) are not statements of historical fact, but are forward-looking statements.

The forward-looking statements herein relate to, among other things, Orvana’s ability to achieve improvement in free cash flow; the potential to extend the mine life of each of Orvana’s mines beyond the life of mine estimate therefor; Orvana’s ability to optimize its assets to deliver shareholder value; Orvana’s ability to optimize production; the Company’s ability to emerge stronger from the turnaround work executed at EVBC in 2014; estimates of future production, operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orvana as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvana contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company’s most recently filed Management’s Discussion & Analysis and Annual Information Form in respect of the Company’s most recently completed fiscal year (the “Company Disclosures”), or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at the EVBC and Don Mario Mines being consistent with the Company’s current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company’s current mineral reserve and mineral resource estimates; and labour and materials costs increasing on a basis consistent with Orvana’s current expectations.

A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; variations in the costs associated with the suspension of mining at Carlés; the availability of qualified personnel; the Company’s ability to obtain and maintain all necessary regulatory approvals and licenses; the Company’s ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company’s ability to continue to operate the EVBC Mines and/or the Don Mario Mine; the Company’s ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company’s ability to obtain financing when required on terms that are acceptable to the Company; the Company’s ability to execute on its strategy; challenges to the Company’s interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; and the risks identified in the Company Disclosures under the heading “Risks and Uncertainties”. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company Disclosures for a description of additional risk factors.

Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.

Cautionary Notes to Investors – Reserve and Resource Estimates

In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed in this news release have been prepared as at September 30, 2014 in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum’s “CIM Standards on Mineral Resources and Reserves Definitions and Guidelines” (the “CIM Guidelines”).

Pursuant to the CIM Guidelines, mineral resources have a higher degree of uncertainty than mineral Reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral Reserve, or is or will ever be economically or legally mineable or recovered.

SOURCE Orvana Minerals Corp.

View photo.FinanceInvestment & Company Information Contact: Michael Winship, President & Chief Executive Officer, (416) 369-1629; Daniella Dimitrov, Chief Financial Officer, (416) 369-1629; Joanne Jobin, Investor Relations Officer, (416) 369-6275, Email: jjobin@orvana.com […]

Alderon Implements Cash Preservation Program

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Dec 9, 2014) – Alderon Iron Ore Corp. (ADV.TO)(NYSE MKT:AXX) (“Alderon” or the “Company”) reports that it has implemented a comprehensive cash preservation program that will allow the company to maintain a healthy working capital position into 2017 without the need to access equity or debt financing during the intervening period, aside from the financing required to commence construction at the Kami Iron Ore Project. Measures associated with this program include a number of voluntary vendor payment deferrals and relief from debt servicing requirements such as those outlined in the transaction with Liberty Metals & Mining Holdings, LLC (“LMM”) described below, and workforce reductions. The Company has kept its core team of executives intact which will allow it to continue to advance the Kami Project construction financing efforts and to commence construction in a rapid and seamless manner once such financing has been obtained.

“These cost savings measures do not mean we are now on care and maintenance,” says Mark Morabito, Executive Chairman of Alderon. “We are working more closely than ever with our partner Hebei Iron and Steel (“HBIS”) on increasing Chinese participation in the project in order to increase access to available capital from China. Earlier this year, The China National Development and Reform Commission (“NDRC”) said Chinese steelmakers should keep building up stakes in global iron-ore assets in the interests of China’s strategic security and “speaking rights,” or influence, in global trade. China’s ore imports rose 10% in 2013 to a record 819 million metric tons, according to customs data. The NDRC also said that China’s iron-ore demand will still rise, its reliance on imports won’t change, and the degree of monopoly in global iron-ore resources will still keep increasing.” Mr. Morabito adds, “this continuing commitment from our Chinese partners under NDRC mandate gives us confidence that we will be able move the Kami project into construction.”

One of the critical payment deferrals is in regards to the loan agreement (the “Loan Agreement”) that Alderon and its affiliate, The Kami Mine Limited Partnership, previously entered into with LMM for an amount of $22 million (the “LMM Loan”). The LMM Loan has interest payable semi-annually on June 30 and December 31 of each year at a rate of 8% per annum. The principal and interest amounts of the LMM Loan are convertible into common shares of Alderon. LMM has agreed to defer the next two interest payments due under the LMM Loan. These payments total $1,795,200 with $880,000 payable on December 31, 2014 and $915,200 payable on June 30, 2015. The deferred interest payments will be added to the principal amount of the LMM Loan and paid at maturity on December 31, 2018.

As consideration for the deferral of these interest payments, it has been agreed that LMM will receive common share purchase warrants. The number of warrants that will be received by LMM for each interest payment will be calculated by dividing the amount of the interest payment by the volume weighted average trading price of the Alderon common shares on the Toronto Stock Exchange for the five trading days prior to the date of each interest payment, plus a 10% premium (the “Warrant Price”). Each warrant will be exercisable until December 31, 2018 to acquire an Alderon common share at the Warrant Price.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City. The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by three producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

Mark J Morabito, Executive Chairman

Cautionary Note Regarding Forward-Looking Information

This press release contains “forward-looking information” within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to: (i) the time period that the Company’s working capital will last for, (ii) future debt and equity financings, (iii) future Chinese iron ore demand, (iv) commencement of construction at the Kami Project, and (v) the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

[…]

TomaGold to Put Gold Reef Mine Into Production

MONTREAL, QUEBEC–(Marketwired – Sep 30, 2014) –

TomaGold invests US$750,000 as secured loan to put the Gold Reef Mine into production Receipt of 25% of the cash flow generated from the Gold Reef Mmine Agreement also includes an option to acquire a 50% interest in the Gold Reef Mine for US$2 million in capital expenditures The partner Gold Reef has a 3,000 t/month purchase contract with Freeport-McMoRan Miami Inc. US$4 million financing commitment from a Hong Kong-based group of investors for this transaction and future acquisitions

TomaGold Corporation (TSX VENTURE:LOT) (“TomaGold” or the “Company”) is pleased to announce the signing of an agreement with Gold Reef Mining LLC, Arizona, whereby TomaGold will provide at the closing a secured loan (the “Loan”) for the exploitation of the Gold Reef mine (the “Mine”). Having a term of one year and bearing interest at 10% per year, this transaction will allow having a carried interest of 25% of the cash flow generated by the Mine. The carried interest will remain after the Loan has been reimbursed, namely for the full duration of the Mine.

Following the Closing of the proposed transaction, TomaGold will hold an irrevocable and absolute option to acquire 50% of the ownership property of the Mine for US $2 million in capital expenditures on the project. TomaGold may exercise its option in the interest within 48 months following the full reimbursement of the Loan.

Gold Reef Mine

The Gold Reef Mine consists of two major patented mineral claims and six BLM (Bureau of Land Management) lode claims covering approximately 160 acres. This Mine is located 36 miles northeast of Phoenix, Maricopa County, Arizona. The property consists of a 200-foot-wide gold-bearing quartz vein system that extends 3,000 feet laterally and is up to 300 feet deep. The gold flux mineralization ranges in grade from 0.15 to 0.69 ounces of gold per ton. A 20-ton bulk sample returned an average grade of 0.19 ounces of gold per ton.

The operator expect that production will take place from the surface on the patented ground in the first two years of production and along strike onto the BLM ground as the project advances. An underground operation is planned to minimize surface disruption and BLM bond/permitting issues. Expedited permitting is expected, as no ore processing will take place on site.

The operator of the Mine, Gold Reef Mining LLC, Arizona currently has a 3,000-ton/month purchase contract with Freeport-McMoRan Miami Inc.

US$4 Million Financing Commitment

Concurrently with the Gold Reef transaction, TomaGold has received a financing offer of US$4 million from a group of investors based in Hong Kong (the “Investors”), whereby the Company intends to issue up to a maximum 13.7 million units. Each unit (the “Units”) will comprise one preferred share and one common share purchase warrant (the “Warrants”).

The Preferred Shares, redeemable after five years, will have no voting right and will be entitled to a dividend equal to 50% of the cash flow generated by the projects that the Company intends to finance with the private placement of Units. The Preferred Shares will not be listed on the TSX Venture Exchange.

The Warrant included in the Unit will allow the Investors to purchase one Common Share of TomaGold at an exercise price $0.12 at any time for a period of five years from the closing date. The Warrants issued will be subject to a holding period of four (4) months and one (1) day.

“This is a major step forward for TomaGold, both bringing us closer to achieving our goal of becoming a gold producer and bringing strong financial partners into the fold,” said David Grondin, President and Chief Executive Officer of TomaGold. “The Gold Reef project will enable us to generate cash flow in the coming year, and the US$4 million financing will allow us to finance this first transaction along with other similar transactions that the management of the Company has been working on over the last year, with minimal dilution for our shareholders. With gold assets at their lowest valuation, we believe this is a great time to acquire high quality gold assets.”

The technical content of this press release has been reviewed and approved by André Jean, Eng., a qualified person under National Instrument 43-101.

The transaction with Gold Reef Mining LLC and the private financing are subject to due diligence of the Gold Reef mine and are expected to close within the next 45 days.

Those transactions are subject to regulatory approvals.

Cautionary and forward-looking statements

The Company is not basing its production decision on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved. Failure to commence production would have a material adverse impact on the Company’s ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The statements made in this news release that are not historical facts are “forward-looking statements”. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those described in these “forward-looking” statements.

About TomaGold Corporation

TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.

[…]

FY 2014 Results: US$24M Cash Flow from Operations, US$9M Increase in Net Cash

SANTIAGO, Chile–(BUSINESS WIRE)–

Orosur Mining Inc. (‘OMI’ or ‘the Company’) (OMI.TO) (OMI.TO), the South American-focused gold producer, developer and explorer is pleased to announce the results for the fiscal year ended May 31, 2014.

Highlights

Gold production of 60,271 oz ahead of upgraded guidance (55,000 – 60,000 oz). Cash operating costs reduced by 28% to US$792/oz (2013: US$1,093/oz) beating upgraded guidance. All-In-Sustaining costs reduced by 34% to US$1,049/oz (2013: US$1,601/oz). Average gold price received of US$1,298/oz (US$1,605 in 2013). Net Profit after tax of US$5.1 M (2013: loss of US$14.8M). Cash Flow from operations increased by 13% to US$23.9M (2013: US$21.2M). Net cash increased by US$9.2M with a cash balance of US$10.8M and total debt of US$4.9M as at May 31, 2014 (Net cash of US$5.9M). San Gregorio Mine life extended after addition of 75,000 oz to reserves at key projects. The San Gregorio-Arenal trend in Uruguay has been delineated over an approximate 200m wide corridor and along an extension of approximately 10 km with six initial targets defined to date. Exploration models have been advanced in Chile at minimal cost with the results at Quebrada Pantanillo consistently supporting the existence of a high sulphidation epithermal system and a structural interpretation study at Anillo which has defined six domains and several new targets. Acquisition of Waymar Resources Ltd. closed on July 9, 2014, adding the high grade Anzá gold exploration project in Colombia to Orosur’s exploration portfolio.

Ignacio Salazar, CEO of Orosur, said:

“Orosur is pleased to have achieved strong 2014 operating and financial results, delivering ahead of guidance given for production and cash costs. We have been able to generate operating cash flow of some US$24 million, 13% more than we generated in 2013 despite a significantly lower gold price environment.

“Whilst implementing numerous programmes to improve operations during a year of significant change for Orosur, we successfully executed the exploration and development work necessary to extend San Gregorio´s mine-life and grow our reserve base. Guided by disciplined capital investment evaluations, progress has been made at delineating the Arenal-San Gregorio mineralised corridor in Uruguay and in defining additional targets at our Chilean explorations assets.

“After financing all our growth programs internally, Orosur still improved its net cash position by US$9 million during the year. Beyond our current assets, the recent acquisition of Waymar Resources has added an attractive high grade exploration asset with significant upside in Colombia in the Anzá project. We are delighted to deliver progress across these areas and our intention remains to work efficiently and diligently for the benefit of our shareholders. We look forward to the year to come.”

Results Conference Call

Orosur will be hosting a conference call for analysts and investors to discuss the FY 2014 results, please find details for the call below:

Time & Date:

18th August 2014 4.00pm British Summer Time 11:00am Eastern Standard Time 8:00am Pacific Standard Time

Dial-In:

Canada: + 1 (514) 841 2196 United States: +1 (718) 873 9077

London: +44 (0) 20313 94830

Passcode:

68606095# Operational & Financial Summary1 Fiscal Year (FY)
ended May 31 2014 2013 Change Operating Results Gold produced Ounces 60,271 64,994 (4,723) Operating Cash cost3 US$/oz 792 1,093 (301) Average price received

US$/oz

1,298 1,605 (307) Financial Results Revenue US$ ‘000 80,370 105,884 (25,514) Net income (loss) after tax US$ ‘000 5,123 (14,825) (19,948)

Cash flow from operations2

US$ ‘000

23,885

21,209

2,676

Cash & Debt at the end of the period – Summary 2014 2013 Diff Cash balance US$ ‘000 10,818 5,633 5,185 Total Debt US$ ‘000 4,939 8,995 (4,056) Cash net of debt US$ ´000 5,879 (3,362) (9,241) 1

Results are based on IFRS and expressed in US dollars

2

Before non-cash working capital movements

3

Operating cash cost is total cost discounting royalties and capital tax on production assets.

FY2014 & Q4 Production and Cash Costs

The constant emphasis on cost control adopted since May 2013 has delivered strong results in the fourth quarter and the financial year as a whole. Operational improvements introduced in ore control, mine planning, modelling and operations were important factors in delivering FY 2014 results which beat the upgraded guidance figures provided to the capital markets.

Cash operating costs for the year were US$792/oz compared to US$1,093/oz in FY 2013. This represents a decrease of 28% and is also lower than the upgraded cash cost guidance of US$800-875/oz.

A strong performance at Arenal in the second half (H2) and especially in Q4, with higher production than expected, helped the Company to beat the upgraded targets that were given at the half year.

All-In-Sustaining costs have been US$1,049/oz in FY2014 compared to US$1,601/oz in FY2013.

Full Year
Actual

Upgraded
Full year
Outlook

Original Full
year Outlook

Gold produced Ounces 60,271 55,000-60,000 50,000–55,000 Cash Operating cost US$/oz 792 800-875 850-925 Q4 Actual H2 Outlook H2 Actual Gold produced Ounces 15,319 23,320-28,320 28,590 Cash Operating cost US$/oz 844 850-1,000 820

FY 2015 Outlook & Guidance

The Company’s forecast production guidance for FY 2015 is between 50,000 to 55,000 ounces of gold at operating cash costs of between US$850 to US$950 per ounce. FY 2015 Production from Arenal Deeps is expected to contribute approximately 70-75% of total gold production, with open pit mining contributing the balance of the production profile.

The Company’s 2015 guidance is in line with the original guidance adopted in FY 2014, which were upgraded and beat, however the Company considers it prudent to maintain similar targets, as external factors are expected to contribute to cost appreciation and lower production grades are anticipated in the mining plan for the year. The United States Dollar:Uruguayan Peso exchange rate has remained relatively stable over the last several years despite the varying inflation rates between these two currencies. While this exchange rate is not sustainable in the long run and the Company is expected to get the benefit of the depreciation of the Peso at some stage, this has not been included in the current plan. Having said this, the Company expects to maintain the level of savings achieved since 2013 and plans to continue its operational improvement program focused on sustainable cost cutting measures and driving ongoing operational efficiencies.

As in the past, variations in production and unit costs will occur quarter on quarter as the mine plan draws ore from several Arenal stopes with different grades, positions and sizes, changing the level of access required as well as the addition of ore from several open pits at varying grades and stages of stripping. The Company plans to achieve its production and cost targets over the course of the year and is expecting higher unit cash costs in the first half of the year compared to the second half based on the current planned mining sequence.

FY 2014 Financial Summary

FY 2014 cash flow generated from operations before working capital was US$23.9M (FY 2013: US$21.2M). This increase was realized despite an average gold price in FY 2014 of US$1,298/oz compared to US$1,605/oz in FY2013.

FY 2014 Corporate expenses were US$3.5M compared to $5.3M in FY 2013, representing a 35% reduction as a result of the overall drive to sustainably reduce costs. This reduction was achieved by reducing or cancelling non essential activities or services, doing internally services performed in the past by consultants, renegotiating fees and working more efficiently.

FY 2014 profit after tax was US$5.1M, compared with a loss of US$14.8M in FY 2013.

The Company invested US$7.3M in capital and US$6.6M in exploration in FY 2014 compared to US$22.0M and US$9.2M respectively in FY 2013. The decrease in capital expenditure is as a result of the Arenal underground mine moving from development into production, as well as more efficient exploration expenditures.

Orosur’s cash position as at May 31 2014 was US$10.8M (FY 2013: US$5.6M) with total debt of US$4.9M (FY 2013: US$9M). The Company is following the contracted schedule of lease repayments with HSBC and Banco Santander and expects to almost entirely repay these facilities and be practically debt free by end of FY 2015. Net working capital (current assets less current liabilities including cash) was US$10.5M in FY 2014 (FY 2013:US$4.3M). The Company has US$3.0M of commited but undrawn lines of credit available at May 31, 2014 and at present is not planning to utilize them within the current development plans and gold price environment.

Q4 Development and Exploration

During the year, the Company has been systematically identifying new gold resources, and converting them to reserves. As a result, the Company has created a portfolio of projects to develop around San Gregorio which have extended its life of mine. The Company’s objective remains to sustainably carry out sufficient exploration to maintain a four-to-six year rolling reserve, as it has done for many years now.

As previously announced, the Company successfully added 40,000 oz of gold reserves from pillar-less mining using Cemented Rock Fill at the Arenal Deeps Mine in Q2, and 9,000 oz of gold reserves at Vaca Muerta following the results of an infill drilling campaign during Q2 and after re-optimizing the mineral reserves calculations using a US$1,200/oz gold price during Q3.

In addition, on the basis of historical drilling since 2006 and following a 4,886m exploration drilling campaign in Q4, the Company has successfully added an additional 11,000 oz of gold reserves in the Laureles open pit and 27,000 oz of resources (note that all resources are stated inclusive of reserves). The cost of the drilling campaign is equivalent to US$22/oz of reserves. The Laureles project is situated approximately 18 km north-east of the San Gregorio plant. Orosur continues its brownfield exploration program during FY14–15 around Vaca Muerta, Laureles as well as some secondary targets around the San Gregorio facility and on the Zapucay cluster.

The recent 2,504 m brownfield exploration drilling campaign in Arenal Deeps, below and along strike of the Arenal Deeps underground mine was conducted from underground platforms and targeting three different zones with potential mineralization, in close proximity to the current underground operations. As a result, Orosur has added 18,000 oz of resources and 15,000 oz of reserves. Additional exploration, targeting mineralization further along strike as well as at depth is planned to continue in FY 2015 at Arenal, with 2,300m of drilling focused on four additional blocks aimed to add similar geological resources to those added in the FY 2014 campaign.

In total, the Company added 75,000 oz of reserves to its main projects during FY 2014, thereby extending the minelife at San Gregorio to approximately 4 years.

Uruguay Development Projects

In additional to the brownfield exploration and development work in the above-mentioned open pits and at Arenal, the Company is carrying out modelling and engineering work on the San Gregorio deposit, aimed at delineating a significant geological resource adjacent to the existing open pit as well as evaluation an underground project at Veta A. The current potential of the underground project at Veta A Deeps was calculated using a cut-off of 1.71 g/t Au with a total of 138 kt @ 2.55 g/t Au for total resources of approximately 11,000 oz. Management believes that there is ample room for adding reserves to these projects and is evaluating potential synergies and optimal sequencing of these two projects as they are located within 1 km of each other.

Uruguay Greenfield Exploration

The Company’s exploratory efforts during Q4 continued to focus primarily on the high grade granulite basement and specifically on the corridor of the Santa Teresa, San Gregorio and Arenal Shear Zone (“SGSZ”), with a low cost surface exploration program to identify new mineralization centers along the historically poorly defined and mostly hidden south east extension of the SGSZ. This zone was delineated in 2014 within an approximate 200m wide corridor and along an extension of approximately 10 km. Six initial targets have been defined on this highly prospective potential belt and a program of 2,000m of DDH drilling, planned as a first pass campaign, started during Q4 and continues at present.

Additionally, in the Sobresaliente District, four target zones were identified and are currently under review. Mineralization is hosted in irregular, pod like bodies that require a more robust geophysical analysis as well as further drilling to delineate.

The recently acquired L-500 diamond rig is operational and supporting all surface exploration drilling. The incorporation of this drill rig is not only providing flexibility but also reducing the Company’s drilling costs.

Chile

In Chile, activities were concentrated on surface exploration at Quebrada Pantanillo and at Anillo. The goal is to acquire valuable data and information that contributes to advancing the current exploration models at minimal cost.

Work at Quebrada Pantanillo consisted of surface delineation work including mapping, a groundmagnetic 3D inversion model, spectrometry, geochem reinterpretation and three CSAMT sections. Results from this data consistently support the existence of a high sulphidation epithermal system.

At Anillo, the Company completed a structural interpretation study by Nick Olivier which defined six domains and several new targets.

There were no significant additional activities in Chile during Q4.

Colombia

The acquisition of Waymar Resources Ltd. by way of a plan of arrangement closed after the FY 2014 year end on July 9, 2014, on schedule and within budget as already announced. The integration of the Anzá project and the team within Orosur progressed smoothly and has now completed. The Anzá gold exploration project is an attractive high grade asset with significant upside. There are several targets in Anzá at different stages of development. In FY 2015, Orosur is planning to review and advance the technical evaluation of the various options in Anzá to plan and define the upcoming round of drilling in Colombia, and re-constitute the local team during the second half of the year.

END

Qualified Person’s Statement

The information presented in this press release has been reviewed by Walter Muehlebach, GM Exploration of OMI and by Francisco Castillo, GM San Gregorio and they are both considered to be in compliance with N.I. 43-101 reporting guidelines. Mr. Muehlebach is a graduate in Geology of the Universidad Católica del Norte (Chile) and a member of the Chilean Comisión Calificadora de Competencias en Recursos y Reservas Mineras, and has 23 years of experience in the field of mineral exploration. Mr. Castillo is a graduate in Mining Engineering of the Universidad de Santiago de Chile and a member of the Chilean Comisión Calificadora de Competencias en Recursos y Reservas Mineras, and has 12 years of professional experience.

Forward Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of the Company, constitute “forward-looking statements” within the meaning of certain securities laws, including the “safe harbour” provisions of the Securities Act (Ontario) and the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. There can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements include, without limitation success of exploration activities; permitting time lines; the failure of plant; equipment or processes to operate as anticipated; accidents; labour disputes; requirements for additional capital title disputes or claims and limitations on insurance coverage. The Company disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Orosur Mining Inc.

Orosur Mining Inc. is a fully integrated gold producer, developer and exploration company focused on identifying and advancing gold projects in South America. The Company operates the only producing gold mine in Uruguay (San Gregorio), and has assembled an exploration portfolio of high quality assets in Uruguay, Chile and Colombia. The Company is quoted in Canada (OMI.TO) and London (OMI.TO).

For more information please visit www.orosur.ca

– Financial Statements Follow –

Orosur Mining Inc. Consolidated Statements of Financial Position

Thousands of United States Dollars, except where indicated

As at May 31
2014($)

As at May 31
2013($)

Assets Notes Cash and cash equivalents 10,818 5,633 Accounts receivable and other assets 5 3,338 3,776 Inventories 6 14,254 15,715 Total current assets 28,410 25,124 Accounts receivable and other assets 5 414 Property plant and equipment and development costs 7 37,323 47,321 Exploration and evaluation costs 8 35,813 31,686 Deferred income tax assets 14 5,470 5,305 Restricted cash 258 332 Total non-current assets 79,278 84,644 Total Assets 107,688 109,768 Liabilities and Shareholders’ Equity Trade payables and other accrued liabilities 5 13,343 16,665 Financial debt 20 3,978 4,172 Environmental rehabilitation provisions 10 598 Total current liabilities 17,919 20,837 Financial debt 20 961 4,823 Environmental rehabilitation provisions 10 5,828 6,148 Total non-current liabilities 6,789 10,971 Total liabilities 24,708 31,808 Capital stock 11 55,184 55,184 Warrants 12 276 Contributed surplus 12 5,708 5,535 Retained earnings 22,088 16,965 Total shareholders’ equity 82,980 77,960 Total liabilities and shareholders’ equity 107,688 109,768 Orosur Mining Inc. Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

(Thousands of United States Dollars except for earnings per share amounts)

2014 ($ ) 2013 ($ ) For the years ended May 31 Note 80,370 105,884 Sales Cost of sales 22 (72,905 ) (97,657 ) Gross profit 7,465 8,227 (3,498 ) (5,303 ) Corporate and administrative expense Exploration expenses and exploration write off 8 (245 ) (4,282 ) Impairment of assets 9 (557 ) (14,057 ) Obsolescence provision 9 (22 ) Uncollectible Receivables (45 ) Other income 1,139 589 Finance cost 21 (670 ) (261 ) Finance income 21 4 8 Derivative income 16 0 41 Net foreign exchange gain (loss) 91 (603 ) (3,803 ) (23,868 ) Profit (loss) before income tax 3,662 (15,641 ) Income tax recovery 14 1,461 816 Total income (loss) and comprehensive income (loss) for the year 5,123 (14,825 ) Earnings per common share Basic 19 0.07 (0.19 ) Diluted 19 0.07 (0.19 )

Orosur Mining Inc.

Consolidated Statements of Cash Flows

Thousands of United States Dollars, except where indicated

For the years ended May 31 Note 2014 ($) 2013 ($)

Net inflow (outflow) of cash related to the
following activities

Cash flow from Operating activities Net income (loss) for the year 5,123 (14,825 )

Adjustments to reconcile net income to net cash
provided from operating activities:

Depreciation 7 18,738 19,712 Impairment of assets 7 557 14,057 Exploration and evaluation expenses written off 8 219 4,217 Fair value of derivatives 16 (41 ) Accretion of asset retirement obligation 10 231 76 Deferred income tax assets 14(b) (165 ) (1,663 ) Stock based compensation 12 175 151 Gain on sale of property, plant and equipment 7 (706 ) (509 ) Others (287 ) 34 Subtotal 23,885 21,209 Changes in operating assets and liabilities Accounts receivable and other assets 78 897 Inventories 1,462 1,393 Trade payables and other accrued liabilities (3,324 ) (2,267 ) Net cash generated from operating activities 22,101 21,232 Cash flow from Financing activities Proceeds from the exercise of share options 70 Loans received 20 4,713 Loan payments (3,854 ) (1,518 ) Net cash from financing activities (3,854 ) 3,265 Cash flow from Investing activities Purchase of property, plant and equipment and development costs (4,762 ) (21,088 ) 7 Enviromental tasks 8 (2,572 ) (960 ) Proceeds from the sale of fixed assets 847 969 Exploration and evaluation expenditure assets 8 (6,575 ) (9,246 ) Net cash used in investing activities (13,062 ) (30,325 ) Increase / Decrease in cash and cash equivalents 5,185 (5,828 ) Cash and cash equivalents at the beginning of year 5,633 11,461

Cash and cash equivalents at the end of year

10,818

5,633

Orosur Mining Inc. Consolidated Statements of Changes in Shareholders’ Equity

Thousands of United States Dollars, except where indicated

For the years ended May 31 Note 2014 ($) 2013 ($) Capital stock Balance at beginning of year 55,184 55,074 Exercise of stock options 70 Transfer from contributed surplus for exercise of options 40 Balance at end of year 55,184 55,184 Broker warrants Balance at beginning of year 276 276 Warrant expiration (276 ) Balance at end of year 276 Contributed surplus Balance at beginning of year 5,534 5,424 Employee stock based compensation recognized 12 174 151 Transfer to Capital stock (40 ) Balance at end of year 5,708 5,535 Retained earnings Balance at beginning of year 16,965 31,790 Net income for the year 5,123 (14,825 ) Balance at end of year 22,088 16,965 Shareholders’ equity at end of year 82,980 77,960 Commodity MarketsCompany Earnings Contact: Orosur Mining Inc

Ignacio Salazar, + 562 2924 6800

Chief Executive Officer

info@orosur.ca

or

Cantor Fitzgerald Europe

Stewart Dickson / Jeremy Stephenson / Carrie Lun

Tel: +44 (0) 20 7894 7000

or

FTI Consulting

Ben Brewerton / Oliver Winters / Sara Powell

Tel: +44 (0) 20 3727 1000

[…]

Chef loses dough as grant turns into a loan

‘ + ‘ript>’); } function renderJAd(holderID, adID, srcUrl, hash) { document.dcdAdsAA.push(holderID); setHash(document.getElementById(holderID), hash); document.dcdAdsH.push(holderID); document.dcdAdsI.push(adID); document.dcdAdsU.push(srcUrl); } function er_showAd() { var regex = new RegExp(“externalReferrer=(.*?)(; |&|$)”, “gi”); var value = regex.exec(document.cookie); if (value && value.length == 3) { var externalReferrer = value[1]; return (!FD.isInternalReferrer() || ((externalReferrer) && (externalReferrer > 0))); } return false; } function isHome() { var loc = “” + window.location; loc = loc.replace(“//”, “”); var tokens = loc.split(“/”); if (tokens.length == 1) { return true; } else if (tokens.length == 2) { if (tokens[1].trim().length == 0) { return true; } } return false; } function checkAds(checkStrings) { var cs = checkStrings.split(‘,’); for (var i = 0; i 0 && cAd.innerHTML.indexOf(c) > 0) { document.dcdAdsAI.push(cAd.hash); cAd.style.display =’none’; } } } if (!ie) { for (var i = 0; i 0 && doc.body.innerHTML.indexOf(c) > 0) { document.dcdAdsAI.push(fr.hash); fr.style.display =’none’; } } } } } if (document.dcdAdsAI.length > 0 || document.dcdAdsAG.length > 0) { var pingServerParams = “i=”; var sep = “”; for (var i=0;i 0) { var pingServerUrl = “/action/pingServerAction?” + document.pingServerAdParams; var xmlHttp = null; try { xmlHttp = new XMLHttpRequest(); } catch(e) { try { xmlHttp = new ActiveXObject(“Microsoft.XMLHttp”); } catch(e) { xmlHttp = null; } } if (xmlHttp != null) { xmlHttp.open( “GET”, pingServerUrl, true); xmlHttp.send( null ); } } } function initAds(log) { for (var i=0;i 0) { doc.removeChild(doc.childNodes[0]); } doc.open(); var newBody = fr.body; if (getCurrentOrd(newBody) != “” ) { newBody = newBody.replace(“;ord=”+getCurrentOrd(newBody), “;ord=” + Math.floor(100000000*Math.random())); } else { newBody = newBody.replace(“;ord=”, “;ord=” + Math.floor(100000000*Math.random())); } doc.write(newBody); document.dcdsAdsToClose.push(fr.id); } } else { var newSrc = fr.src; if (getCurrentOrd(newSrc) != “” ) { newSrc = newSrc.replace(“;ord=”+getCurrentOrd(newSrc), “;ord=” + Math.floor(100000000*Math.random())); } else { newSrc = newSrc.replace(“;ord=”, “;ord=” + Math.floor(100000000*Math.random())); } fr.src = newSrc; } } } if (document.dcdsAdsToClose.length > 0) { setTimeout(function() {closeOpenDocuments(document.dcdsAdsToClose)}, 500); } } }; var ie = isIE(); if(ie && typeof String.prototype.trim !== ‘function’) { String.prototype.trim = function() { return this.replace(/^s+|s+$/g, ”); }; } document.dcdAdsH = new Array(); document.dcdAdsI = new Array(); document.dcdAdsU = new Array(); document.dcdAdsR = new Array(); document.dcdAdsEH = new Array(); document.dcdAdsE = new Array(); document.dcdAdsEC = new Array(); document.dcdAdsAA = new Array(); document.dcdAdsAI = new Array(); document.dcdAdsAG = new Array(); document.dcdAdsToClose = new Array(); document.igCount = 0; document.tCount = 0; var dcOrd = Math.floor(100000000*Math.random()); document.dcAdsCParams = “”; var savValue = getAdCookie(“sav”); if (savValue != null && savValue.length > 2) { document.dcAdsCParams = savValue + “;”; } document.dcAdsCParams += “csub={csub};”; var aamCookie=function(e,t){var i=document.cookie,n=””;return i.indexOf(e)>-1&&(n=”u=”+i.split(e+”=”)[1].split(“;”)[0]+”;”),i.indexOf(t)>-1&&(n=n+decodeURIComponent(i.split(t+”=”)[1].split(“;”)[0])+”;”),n}(“aam_did”,”aam_dest_dfp_legacy”);

The 25-year-old from Dulwich Hill will miss out on the last two instalments, worth $1200 and $1500 respectively.

”This is something we have all been working towards and … have all been expecting to get,” she said. ”Just to be told it’s not happening any more is so disappointing.”

The Tools for your Trade payment, worth $915 million over four years, was axed in the federal budget. The government announcing eligible students could apply for the $20,000 loans instead.

But Ms Martin, who is working at Surry Hills restaurant Porteno, questioned how recently qualified apprentices would afford to pay the loan.

”For a chef, when you finish your training you are lucky to get a base salary of about $45,000 a year,” she said. ”It’s not a lot of money to be thinking about taking on $20,000.”

Under the scheme, apprentices have to start repaying the loan once their income reaches $53,345 a year.

The Greens have raised concerns about the loan scheme. Their analysis showed that it would take a carpenter on a starting salary of $40,000 up to 34 years to repay a $20,000 loan.

The estimates take into account the 20 per cent bonus an apprentice receives for completing their training and a 3.9 per cent pay rise.

The findings show an electrician on a starting salary of $62,000 would take seven years to pay off the loan, and a plumber starting on $55,000, eight years. A welder would take up to 13 years and an automotive engineer, 23 years.

Greens higher education spokeswoman Lee Rhiannon said: ”The Abbott government is trying to portray itself as a supporter of apprentices when in reality it is ripping more than $900 million out of apprentice training programs.”

The national secretary of the Construction, Forestry, Mining and Energy Union, Dave Noonan, said the loans scheme would discourage young people from entering into apprenticeships and exacerbate the skills crisis.

A spokesman for the Department of Industry said the Greens’ modelling was flawed and that the loans, which are indexed annually to the consumer price index, would take an average of eight years to repay once an apprenticeship is completed.

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Rate cuts unlikely as housing lifts

Thumbnail

AAP A rise in home loan approvals during November is expected to stop another interest rate cut.

Rising home loan approvals are another sign that the housing recovery is in full swing, meaning another cash rate cut is unlikely.

The number of home loans approved in November was up 1.1 per cent to 52,912, the Australian Bureau of Statistics said on Monday.

That meant the end of the road for rate cuts during this cycle, Commonwealth Bank of Australia chief economist Michael Blythe said.

“We think (the Reserve Bank of Australia is) done because those interest rate sensitive parts like housing, as we’ve seen today, are moving,” he said.

“You don’t need any more help from that perspective and the sectors that do still need help would benefit more from a lower currency.”

Mr Blythe said the cash rate was likely to rise, from its record low of 2.5 per cent, in late 2014 as a weakening Australian dollar added to inflationary pressures.

National Australia Bank senior economist Spiros Papadopoulos said home loan approvals had risen almost every month in 2013, except August.

But although the housing market was strengthening, it would not be enough to rebalance the economy as the mining investment boom winds down, he said.

He said unemployment would continue to rise, meaning the RBA would be unlikely to raise the cash rate this year.

“This is another indicator that points to the strength in the housing market, alongside rising house prices and the upward trend in building approvals that we’ve seen in recent times,” Mr Papadopoulos said.

“We think there’s still going to be a hole left in the investment outlook and although the housing and construction part of the equation will be supporting growth, the other non-mining sectors will still be quite soft and not strong enough to offset the mining slowdown.

“We don’t think it’s going to be enough overall, which is why we think the unemployment rate is going to head higher and why the RBA won’t be in a position to raise rates this year.”

Housing Industry Association senior economist Shane Garrett said recovery in the housing construction sector would help rebalance the economy by creating more jobs.

“There are few sectors of the economy more labour-intensive than dwelling construction,” Mr Garrett said.

“The strong expansion of the sector brings the potential for greater jobs market support at this time of economic transition.”

[…]

Rate cuts unlikely as housing strengthens

Rising home loan approvals are another sign that the housing recovery is in full swing, meaning another cash rate cut is unlikely.

The number of home loans approved in November was up 1.1 per cent to 52,912, the Australian Bureau of Statistics said on Monday.

That meant the end of the road for rate cuts during this cycle, Commonwealth Bank of Australia chief economist Michael Blythe said.

“We think (the Reserve Bank of Australia is) done because those interest rate sensitive parts like housing, as we’ve seen today, are moving,” he said.

“You don’t need any more help from that perspective and the sectors that do still need help would benefit more from a lower currency.”

Mr Blythe said the cash rate was likely to rise, from its record low of 2.5 per cent, in late 2014 as a weakening Australian dollar added to inflationary pressures.

National Australia Bank senior economist Spiros Papadopoulos said home loan approvals had risen almost every month in 2013, except August.

But although the housing market was strengthening, it would not be enough to rebalance the economy as the mining investment boom winds down, he said.

He said unemployment would continue to rise, meaning the RBA would be unlikely to raise the cash rate this year.

“This is another indicator that points to the strength in the housing market, alongside rising house prices and the upward trend in building approvals that we’ve seen in recent times,” Mr Papadopoulos said.

“We think there’s still going to be a hole left in the investment outlook and although the housing and construction part of the equation will be supporting growth, the other non-mining sectors will still be quite soft and not strong enough to offset the mining slowdown.

“We don’t think it’s going to be enough overall, which is why we think the unemployment rate is going to head higher and why the RBA won’t be in a position to raise rates this year.”

Housing Industry Association senior economist Shane Garrett said recovery in the housing construction sector would help rebalance the economy by creating more jobs.

“There are few sectors of the economy more labour-intensive than dwelling construction,” Mr Garrett said.

“The strong expansion of the sector brings the potential for greater jobs market support at this time of economic transition.”

[…]

Avanti Mining Issues Shares in Lieu of Cash for Interest Payable Under Terms of RCF Loan and Grants Stock Options

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct 9, 2013) – Avanti Mining Inc. (TSX VENTURE:AVT)(AVNMF) (“Avanti” or the “Company”) announced today that in accordance with the terms of the Amended and Restated Loan Agreement (the “Loan Agreement”) dated July 12, 2013, between Avanti, its wholly-owned subsidiary, Avanti Kitsault Mine Ltd., CEF (Capital Markets) Limited, Resource Capital Fund IV, LP (“RCF IV”) and Resource Capital Fund VI, LP (“RCF VI”), Avanti has made interest payments in the aggregate amount of US$329,166.67 on the convertible loan for the period from July 12, 2013 to September 30, 2013. According to the terms and conditions set out in the Loan Agreement, RCF IV and RCF VI have the option to receive interest payments in the form of common shares of Avanti. Each of RCF IV and RCF VI have made a request to receive the interest payable on the convertible loan, US$219,444.44 and US$109,722.23 respectively, in common shares, and Avanti will deliver to RCF IV 3,995,750 common shares and to RCF VI 1,997,875 in satisfaction of the accrued interest payable for the period from July 12, 2013 to September 30, 2013. The shares will be subject to a four-month hold period.

The Company also announced today that it has granted 1,000,000 incentive stock options to an officer of the Company at an exercise price of Cdn$0.10 per share. These options are granted for a five-year term and will vest over an 18 month period from the date of grant. The options were granted in accordance with the Company’s Stock Option Plan approved by shareholders on June 12, 2013.

Avanti is focused on the development of the past producing Kitsault molybdenum mine located north of Prince Rupert in British Columbia.

For further information, please visit www.avantimining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This news release contains certain forward-looking information concerning the business of Avanti Mining Inc. (the “Corporation”). All statements, other than statements of historical fact, included herein including, without limitation; statements related to the development of the Kitsault molybdenum mine, are forward-looking statements. These forward-looking statements are based on the opinions of management at the date the statements are made and are based on assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward-looking statements. Important factors that could cause actual results to differ materially from the Corporation’s expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in the Corporation’s Annual Information Form for the year ended December 31, 2012, which are available at www.sedar.com. The Corporation is under no obligation to update forward-looking statements if circumstances or management’s opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Contact:

Mark Premo

Chief Executive Officer

604-620-7670

extension 223

A.J. Ali

Chief Financial Officer

604-620-7670

extension 222

[…]

Avocet to raise financing to pay back Elliott loan

* Avocet prefers to raise debt financing

* Company can’t rule out issuing equity

By Stephen Eisenhammer

LONDON, June 17 (Reuters) – Africa-focused Avocet Mining (LSE: AVM.Lnews) will have to raise fresh financing to pay back a loan from its main shareholder after a fall in the price of gold meant its mine will not generate the required cash, its executive said on Monday.

Avocet’s share price has fallen 86 percent this year with the company cutting reserves estimate at its Inata mine in Burkina Faso just before the gold price tumbled.

The company received a $15 million loan from its 27 percent shareholder, Elliott Management, and renegotiated its hedging agreement with Macquarie Bank in March to help stabilise its finances.

“With the drop in the gold price it would seem likely that Inata will not have the free cash generating ability to get a surplus $15 million together by the end of the year,” David Cather, Avocet chief executive, told Reuters in an interview.

Cather said the company preferred to raise debt financing and was in discussions with a number of banks, but that he was unable to completely rule out issuing new equity.

Shareholders were previously strongly against issuing new stock.

“Elliott and a number of other shareholders gave us pretty strong feed back when Macquarie were suggesting that equity was the way forward,” Cather said.

Avocet is trying to buy its way out of a hedging agreement it inherited from a takeover deal in 2009 at the same time as others are negotiating new forward selling deals.

The lower gold price makes the process of buying back the hedge cheaper for Avocet and replacing the hedge agreement with debt is the company’s main aim, Cather said.

Avocet will release a new life of mine plan for Inata and a feasibility study for their project in Guinea towards the end of the year, which Cather said should offer a boost to the share price.

[…]